ALLETE Executive Annual Incentive Plan Form of Award (Effective 2020)

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

This agreement outlines the terms of the ALLETE Executive Annual Incentive Plan for eligible executive employees, effective 2020. It specifies how annual incentive awards are calculated based on a percentage of base salary and performance against set financial and strategic goals. Awards can range from 0% to 200% of the target amount, depending on performance. The plan also states that any compensation under this plan is subject to the company's Compensation Recovery Policy, which allows for recoupment under certain conditions.

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EX-10.(E)8 4 exhibit10e812-31x2019.htm EXHIBIT 10.(E)8 Exhibit
Exhibit 10(e)8

ALLETE Executive Annual Incentive Plan
Form of Award
Effective 2020
[Eligible Executive Employees]

Target Award Opportunity


Base Salary
$
 
 
Times
 
 
 
Award Opportunity (percent of base salary)
%
 
 
Equals
 
 
 
Target Award
$

Performance Levels and Award Amounts


Goal Performance Level
Payout as Percent of
Target Award
Award Amount
Superior
200%
$
Target
100%
$
Threshold
44%
$
Below Threshold
0%
$


Goals

 
 
 
 
 
 
 
Goal
 
 
 
 
 
 
 
Weighting
 
Financial Goals
 
 
 
 
 
 
 
Net Income
50%
 
 
Cash from Operating Activities
 
20%
 
 
 
 
 
 
 
 
 
Strategic & Operational & Values Goals
 
 
 
30%
 
 
 
 
 
 
 
100%

Compensation Subject to Compensation Recovery Policy

Annual Incentive Plan Compensation is subject to recoupment as defined in the Compensation Recovery policy.